Looking to apply for a personal loan but don’t have an ITR? Securing a personal loan can be challenging if you don’t have an ITR, as it is used by lenders to check the financial stability of the borrower. Whether you are a salaried or a self employed individual, there are alternative ways to get a loan via the personal loan app tamilnadu or in other states.
In this guide, we’ll explore some of the alternative options to get a personal loan without an ITR and discuss the tips for increasing your chances of getting quick loan approvals.
Is it Possible to Get a Personal Loan Without ITR?
Absolutely! It is indeed possible to get a personal loan without an ITR in Tamil Nadu or in other states. Fortunately, many loan apps and NBFCs (Non-Banking Financial Companies) offer loans instantly and seamlessly with minimal documentation.
An ITR serves as an important document to determine the borrower’s creditworthiness and financial stability and provides a clear picture of tax payments and income. However, many personal loan app for self employed and other individuals assess the same by asking for other documents, such as bank statements, income slips and business invoices.
Alternative Documents to Get a Personal Loan Without an ITR
If you don’t have an ITR, no worries! You can still get a personal loan by submitting the following documents:
- Bank Statements: A 6 to 12-month bank statement is required to check the income stability and savings of the borrowers.
- Salary Slips: For salaried employees, recent pay slips are required to check their monthly income.
- Credit Score Report: A solid credit score (typically more than 750) acts as proof of good creditworthiness and increases your chances of getting a loan without an ITR.
- Business Proof: Personal loan app for self employed demands for business invoices and receipts of the ongoing transactions to check the organisation’s financial status.
- Form 16: It’s a document issued by employers to salaried individuals, acting as proof of their income.
- GST Returns: GST returns for self-employed individuals are demanded by lenders as financial proof.
- Collateral: Some lenders may ask the borrowers to pledge collateral as security.
Tips for Increasing Your Chances of Getting Loan Approvals
Follow the tips mentioned below to increase your chances of getting a loan approval and disbursement quickly:
- Maintain a good relationship with the lenders to get quick approvals and open doors for negotiation.
- Pay off all your past debts and make sure to have a good CIBIL score to qualify for loan eligibility seamlessly.
- Do your research and choose a personal loan app for self employed and salaried individuals with easy eligibility and documentation criteria.
- Be prepared with all the documents and make sure all the information is correct and updated.
- Compare interest rates offered by different lenders and choose the one that best suits your budget.
Key Considerations
Before making an application, make sure you keep in mind these points:
- Check interest rates, as some lenders may charge high rates to people without an ITR.
- Don’t overborrow, as it can lead to financial stress and underborrow for insufficient funds.
- Understand all the terms and conditions carefully and pay special attention to the additional fees and charges section.
- Avoid applying for multiple loans, as this can negatively affect your credit score and reduce your chances of getting approved for a personal loan.
Conclusion
Getting a personal loan without an ITR may be challenging but not impossible. You have to choose the right personal loan app for self employed and salaried individuals like Bajaj Finserv, which promises flexible repayment options, is 100% digital, is a secure platform and has easy eligibility criteria.
So, whether you are looking to get a personal loan without an ITR in Tamil Nadu or any other state, make sure to be prepared with alternative documents, follow the tips mentioned above to increase your chances and consider the points to get quick loan approvals seamlessly.
